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According to Javier Molina, an analyst at eToro, this decision may represent «a certain economic independence, as long as this currency is used as a unit of account, as a store of value and as a form of exchange. If this does not happen, it will not represent a benefit».
This means that in the Central American country, prices will be displayed in bitcoin, it will be possible to pay tax contributions in the digital currency and transactions through this cryptocurrency will have tax benefits. In this regard, it is worth mentioning that Bukele said last Sunday that there will be no «capital gains taxes for bitcoin».
Likewise, the legislation will force all economic agents to «accept bitcoin as a form of payment», however, he notes that it will make exceptions for those who notoriously «do not have access to the technology» that allows executing transactions.
In this regard, Bukele said on Monday that the country will build a «satellite infrastructure» for the use of bitcoin in rural areas with connectivity problems, in addition to his initiative will contribute to make his nation «a model for the world».
Bitcoin value
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In our country, the CNMV has delimited some parameters through which investment funds and sicavs can only have exposure to cryptos through derivatives such as exchange-traded funds (ETFs). Faced with this barrier and the complexity of these assets, the solution arrived at by several fund managers has been to invest in companies that have already transferred part of their treasury to bitcoins.
Blockchain technology is one of the digital tools that is helping to provide more control over transactions within the financial system. Fernández de Blas assures that the accusations that the democratization of bitcoin can generate that the capital can be used for the financing of terrorism or money laundering, «is an argument of the power groups to attack».
From Bitpanda they assure that the cryptocurrency exchange platforms are the first interested in strengthening the measures and thus guaranteeing a regulatory framework. «It will give much more security and guarantees to both institutional and individual investors, while putting an end to those dubious players who take advantage of the non-regulation of the product», assures Alejandro Zala.
Btc to usd
Black day for cryptocurrencies. With bitcoin plummeting 30% and losing the $40,000 mark, all digital alternatives suffer falls of up to 40% after Chinese authorities vetoed any operation of their financial institutions with cryptocurrencies and the change of position of Elon Musk and Tesla in accepting bitcoin as a form of payment.
Bitcoin is in the spotlight. Far from the historical highs of almost 65,000 dollars, today it has come to play the 30,000 mark, from which it has bounced about 5,000 dollars, demonstrating once again the volatility to which the most widespread digital currency is exposed. Since its peak, it has lost 500 billion dollars in market value.
In the document they state that virtual currencies cannot and should not be used in the market because they are not «real» currencies. For this reason, they called on entities to avoid any commercial activity linked to cryptocurrencies. They also warned of the speculation and colatility that surrounds them. The warning reiterates the government policy.
